Emiratisation in the banking sector a key topic on the Emirates Banks Association meeting agenda

The Advisory Council emphasized the importance of Emiratisation and attracting the largest possible number of UAE National graduates to work in the banking sector and to receive the best training on all work aspects to achieve leadership positions. The Council also stressed the need to increase the number of employees in the banking sector by attracting candidates from different sectors and not to rely on hires from one bank to another.

The Council also discussed the issue of security checks provided by customers to their banks to avail banking facilities they need to help run and facilitate their businesses. The Council continued its previous discussions on the latest instructions of the Central Bank regarding the monitoring of large exposure limits and the intention to make some adjustments on same.

In addition, the Council discussed the subject of the Foreign Accounts Tax Compliance Act (FATCA) and the extension of the date of the official take-off of this law, and the necessity to continue coordination with the Central Bank and the Ministry of Finance to provide guidance to banks in this regard.

The Chairman of EBA indicated to the Council that formalities are in progress to modify the name of "Emirates Banks Association" to become "UAE Banks Federation," which better reflects the scope of its work.

At the end of the meeting, H.E. Al Ghurair informed the Council about the resignation of Mr. Fathi Skaik as General Manager of the Association effectively at the end of the current year and the appointment of Mr. Nasser Sarris to fill the position. He wished both parties success.